Abstract
We construct the microstates of near-extremal black holes in AdS\_5 x S^5 as
gases of defects distributed in heavy BPS operators in the dual SU(N)
Yang-Mills theory. These defects describe open strings on spherical D3-branes
in the S^5, and we show that they dominate the entropy by directly enumerating
them and comparing the results with a partition sum calculation. We display new
decoupling limits in which the field theory of the lightest open strings on the
D-branes becomes dual to a near-horizon region of the black hole geometry. In
the single-charge black hole we find evidence for an infrared duality between
SU(N) Yang-Mills theories that exchanges the rank of the gauge group with an
R-charge. In the two-charge case (where pairs of branes intersect on a line),
the decoupled geometry includes an AdS\_3 factor with a two-dimensional CFT
dual. The degeneracy in this CFT accounts for the black hole entropy. In the
three-charge case (where triples of branes intersect at a point), the decoupled
geometry contains an AdS\_2 factor. Below a certain critical mass, the
two-charge system displays solutions with naked timelike singularities even
though they do not violate a BPS bound. We suggest a string theoretic
resolution of these singularities.
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